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论文编号：	7430
作者编号：	2120132412
上传时间：	2015/6/9 20:27:41
中文题目：	风险投资机构参与对创业板公司IPO抑价影响的研究
英文题目：	Study on the effects of the Venture Capital on IPO Underpricing on the China GEM
指导老师：	王全喜
中文关键字：	风险投资；创业板；IPO抑价
英文关键字：	IPO Underpricing; China GEM; Venture Capital
中文摘要：	我国创业板自2009年10月正式开市至今已经经历了超过五年的时间，一方面为高科技、高创新性和高风险的初创企业降低在资本市场融资的门槛，能在一定程度上缓解我国目前中小企业融资困难的问题，另一方面也为风险投资机构的退出提供了新的平台。资本市场上的IPO抑价现象一直是国内外学者研究的重点之一，创业板的设立更使风投机构拥有一个大显身手的平台，因而，本文将对风投参与会对我国创业板市场公司IPO抑价率产生的影响进行研究。 本文以截至2014年12月31日在我国创业板上市的公司作为研究样本，将样本分为有无风险投资机构参与两组，借鉴国内外相关文献，在研究时，采用规范研究与实证研究、定量分析与定性分析相结合的研究方法，对相关问题展开研究，主要分析风投是否能够影响发行定价，以及风投参与和风投持股比例将如何影响IPO抑价，并得到以下结论： 第一，以相对发行市盈率和相对发行市净率这两个指标来衡量发行价格的相对水平时，有无风投参与两组的发行价格并不存在显著差异，表明目前在我国创业板市场上认证假说和逐名假说尚无法得到证明。 第二，在加入反映资本市场状况和上市公司自身特征等控制变量之后，有风投参与对IPO抑价率有显著的正向影响，说明风投机构能够向市场传递信号并在二级市场上影响股票价格，对市场力量假说予以了一定的支持。 第三，风险投资机构参与向二级市场传递的信号是多层次和多方向的，其中风投持股比例这一变量经检验对IPO抑价率有显著的负向影响，说明风投会推动上市公司向外部投资者传递更全面信息，使二级市场投资者对其真实价值的估计更准确，因而降低了IPO抑价率，支持市场力量假说。 最后，对本文的研究进行了总结，并根据研究结论对我国风险投资行业与资本市场的发展提出了建议。
英文摘要：	The China GEM was officially opened in October 2009 and has already gone through more than five years. It has lowered the listing requirements for the high-tech, high-innovation and high-risk start-up companies. In certain extent, the China GEM has alleviated the current problems of SME financing difficulties. It has also provided a new platform for the exit of the venture capital. IPO underpricing has been the focus of study for scholars. The China GEM has made the venture capital as a more important market participant appear in people's eyes. Thus, this paper will focus on the impact of the venture capital on GEM IPO underpricing. In this paper, we chose the GEM listed companies as of December 31, 2014 as the samples and divided the sample to the VC-backed group and the Non-VC-backed group. Referring to the theories and methodologies in the relevant literature at home and abroad, we use both standardized and empirical methodologies in this paper to analyse whether the venture capital can affect the offering price, and how it will affect the IPO underpricing. Conclusions are as follows: First of all, there is no significant difference in the relative issue price between the VC-backed group and the Non-VC-backed group, indicating that currently the Certification Hypothesis and the Grandstanding Hypothesis on the China GEM have not yet been proven. Secondly, after adding the control variables reflecting both the capital market conditions and the company's own characteristics, the dummy variable VC has a significant positive impact on IPO underpricing, which showed that the venture capital was able to send signals to the market participants in the secondary market and could affect the stock price. Thus the market force hypothesis has been supported. Third, the signals transmitted to the secondary market by the VC were multi-level and multi-direction. And the proportion of venture capital holdings has a significant negative impact on the IPO underpricing, which described that the venture capital promoted listed companies to deliver more comprehensive information to the outside investors. So that the secondary market investors were likely to have a more accurate estimate of the true value of the stock, thereby reducing the IPO underpricing. The result supported the market forces hypothesis. We summarized the conclusion of the paper in the last part and gave some recommendations on how to development the venture capital industry and the capital market in China.
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